Dionne Warwick Bankrupt, $10.7M in Debt

Cites mismanagement as cause

Aging singer Dionne Warwick has filed for bankruptcy in a New Jersey court.

The singer — who claims to have only $25,500 in assets and more than $10.7 million in debt — is citing mismanagement for her financial troubles, reports New York Daily News.

Most of the debt haunting Warwick comes from $10.2 million worth of IRS and California tax claims. Most of that amount is interest and penalties from back taxes since paid off. She also owes about $20,000 worth of credit card debt and owes one of her former managers $500,000.

A publicist for Warwick — who had a string of hit songs spanning the 1960s through the 1980s — blames her bankruptcy on poor financial management in the 1980s and 1990s. In her filing, she listed her monthly income as being $20,950 and her monthly expense as $20,940. That leaves her with just $10 extra each month.